Zhi Tong Cai Jing·2025-06-24 07:04Group 1 - The Spanish government plans to impose additional conditions on BBVA's acquisition of Sabadell, valued at €14 billion (approximately $16 billion), which has faced delays for over a year [1] - These conditions will affect credit policies, consumer rights, management continuity, and employee placement at Sabadell [1] - The decision is expected to be announced soon and follows BBVA's proposal made in May of the previous year [1] Group 2 - The acquisition has faced opposition from Sabadell's management and political figures, particularly in Catalonia, where Sabadell is a major enterprise [1] - In April, Spain's antitrust agency CNMC conditionally approved the acquisition, requiring BBVA to retain certain branches and maintain specific commercial terms for medium-sized enterprises [1] - The Spanish government cannot block the acquisition of Sabadell shares but can prevent the merger, meaning BBVA may only become a shareholder without full control [1] Group 3 - Following the government's decision, BBVA must obtain approval from the securities regulator CNMV to make a formal offer to Sabadell shareholders [2] - Sabadell's management has rejected BBVA's offer, citing it as too low [2] - BBVA's offer values Sabadell at €13.6 billion, which is below Sabadell's market value of €14.5 billion as of the previous Monday [2]